It is generally assumed that only the self-employed, directors of companies or high net worth individuals are required to complete a personal tax return for HMRC each year. This is not the case.
If you have untaxed income, such as rental income, tips and commissions, interest and dividends from savings and investments, or foreign income, you may be required to file a return. You also may be seeking to claim income tax relief through the completion of a tax return.
In the UK, the tax year runs from 6 April to 5 April. With the advent of self-assessment in the UK over 20 years ago, tax payers must file their returns by 31 October each year where a paper return is filed. If your return is being filed electronically, it must be filed by the following 31 January. Failure to file your personal tax return on time will result in you being issued a penalty.
We provide services to a wide variety of clients including:
Our tax department has built up a wealth of experience that can render painless the annual burden of completing a tax return.
Being the subject of a tax investigation or enquiry by HMRC can be a stressful and worrying experience. Our tax team will guide you through the process and be on hand to advise on the appropriate course of action. If this is an area that you are concerned about or you are currently the subject of an investigation, please contact our experts via the form below.
Good tax planning relies on knowing clients and understanding their goals. At Knox Cropper, we believe that the optimal solution requires an in-depth knowledge of our clients’ affairs to ensure we deliver you the right solutions, appropriate to your circumstances. Our expert team deals with issues such as:
- Income tax
- Capital Gains tax
- Inheritance tax
- Trusts and estates
- Non-domiciliary tax issues
- Land and property portfolios
- Lloyds underwriters
For more information please talk to one of our experts below.